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NZD/USD Rallies from Downtrend Support and Fibonacci Relationship

Jamie Saettele, CMT

DailyFX.com -

Daily

NZD/USD Rallies from Downtrend Support and Fibonacci Relationship
NZD/USD Rallies from Downtrend Support and Fibonacci Relationship

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“A wedge may be underway from the February low though. The bearish pattern would complete on a break below the support line from that pattern.” The wedge target is .6607.

-“NZDUSD has rebounded from near 5 year lows. Recent congestion is now possible resistance from .7211 to .7270. A push above .7270 would pique interest in a more important bottoming scenario.” NZDUSD failed within the cited zone (high was .7230) so the wedge objective remains in focus but the turn up from downtrend support and the 61.8% expansion of the Feb-April rally (at .6824) could result in a move to .7050.

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original source

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